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Hybrid Electric Vehicle Market by Propulsion, Vehicle Type, and Geography - Forecast and Analysis 2023-2027

  • Published: Nov 2022
  • Pages: 172
  • SKU: IRTNTR70959
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The hybrid electric vehicle market is estimated to grow at a CAGR of 30.88% between 2022 and 2027. The size of the market is forecast to increase by 17098.51 thousand units. The growth of the market depends on serval factors, including the push toward the adoption of green (eco-friendly) vehicles, the stringent regulations on emissions and fuel efficiency, and the charging infrastructures for PHEVs.

This report extensively covers market segmentation by propulsion (full hevs, mild hevs, and phevs), vehicle type (passenger cars and commercial vehicles), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

 What will the Size of the Hybrid Electric Vehicle Market be During the Forecast Period?

Hybrid Electric Vehicle Market Size

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Parent Market Analysis

Technavio categorizes the global hybrid electric vehicle market as a part of the global automotive market under the global automobiles and components industry. The parent market, the global automotive market, covers companies engaged in the production of vehicles such as passenger cars, commercial vehicles, and all-terrain vehicles. It does not include manufacturers of motorcycles, scooters, e-bikes, trikes, and three-wheelers. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Hybrid Electric Vehicle Market: Key Drivers, Trends, Challenges, and Customer Landscape

The push toward the adoption of green (eco-friendly) vehicles is notably driving the market growth, although factors such as the high total cost of ownership of HEVs may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Hybrid Electric Vehicle Market Driver 

The push toward the adoption of green (eco-friendly) vehicles is the key factor driving the global hybrid electric vehicle market growth. On-road vehicles are one of the biggest contributors to air pollution due to their immense carbon dioxide (CO2) emissions. CO2 emission has been listed as the number one reduced GHG that has been causing global warming and climatic changes. The main focus is reducing vehicular fuel consumption that contributes to the major GHG emissions. This measure is to curb unfavorable environmental impact.

The development and adoption of green cars or vehicles are considered to be major solutions to GHG levels in the atmosphere to an acceptable level. These vehicles run on only electricity, hybrid energy, and other power sources such as solar or wind energy or biofuels. We believe this green vehicle push will drive the HEV market to higher growth, covering large shares of the global vehicle market in the near future.

Key Hybrid Electric Vehicle Market Trend

Fuel cell HEVs will fuel the global hybrid electric vehicle market growth. Fuel cell vehicle (FCV) or fuel cell EV (FCEV) is an upcoming trend of hybrid vehicles. This variant uses a fuel cell instead of an engine to power the electric motor in combination with the battery. Fuel cells generate electricity using oxygen (from the air) and compressed hydrogen. FCVs that use hydrogen are zero-emission vehicle, which emits only water and heat.

Toyota is the first OEM to have produced hydrogen FCVs commercially. Later, Hyundai adopted the technology and leased its FCV on a limited basis by 2015. With additional manufacturers planning to penetrate, the FCV market is expected to witness a boom in sales during the forecast period.

Key Hybrid Electric Vehicle Market Challenge

The high total cost of ownership of HEVs is a major challenge to the global hybrid electric vehicle market growth. The total cost of ownership of HEVs is higher than that of traditional ICE vehicles. This is because of the additional high-capacity batteries used in HEVs, along with the use of advanced electronic components and design considerations. Moreover, after-sales cost, such as servicing hybrid vehicle components, is expensive due to the immature local market and the non-availability of hybrid vehicle service parts.

Servicing facilities for HEVs are fewer in number compared with the well-established centers for normal ICE vehicles. Another issue is the wear and tear of vehicle components. The frequency of replacing tires and brakes is reported to be high in HEVs because of their heavy weight. This negatively impacts the adoption and market growth of HEVs during the forecast period.

Key Hybrid Electric Vehicle Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Hybrid Electric Vehicle Market Share by Geography

Global Hybrid Electric Vehicle Market Customer Landscape

 

Who are the Major Hybrid Electric Vehicle Market Vendors?                                     

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

globalchangan.com - The company offers hybrid electric vehicles such as Changan UNI K iDD. Also, the company is engaged in the production of passenger cars, microvans, commercial vans, and light trucks.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • AB Volvo
  • Bayerische Motoren Werke AG
  • BYD Co. Ltd.
  • Ford Motor Co.
  • General Motors Co
  • Honda Motor Co. Ltd
  • Hyundai Motor Co
  • Li Auto Inc.
  • Mercedes Benz Group AG
  • Mitsubishi Motors Corp.
  • Nissan Motor Co. Ltd.
  • Renault SAS
  • SAIC Motor Corp. Ltd.
  • Stellantis NV
  • Suzuki Motor Corp.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Hybrid Electric Vehicle Market?

The market share growth by the full HEVs segment will be significant during the forecast period. Full HEV is one of the key segments of the hybrid vehicle industry. This vehicle segment has been the first option for many new car buyers and aspiring purchasers globally, especially in Japan. The aggressive promotion by manufacturers by introducing a wide range of models has paid off. Buyers of passenger cars prefer full HEVs compared to PHEVs. This is because full HEVs have more fiscal incentives, and no charging infrastructure is needed compared to PHEVs.

Hybrid Electric Vehicle Market Size

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The full HEVs segment shows a gradual increase in the market share of 317.87 thousand units in 2017 and continue to grow by 2021During the forecast period, the growth rate is expected to decline further from what it was in the previous year. This is because of the presence of less costly vehicles such as all-electric, mild, or plug-in hybrid electric as compared to the full HEV. However, with the decline in the Li-ion battery cost and the launch of new models, Technavio expects full HEVs to witness a higher growth rate during the forecast period.

Which are the Key Regions for the Hybrid Electric Vehicle Market?

Hybrid Electric Vehicle Market Share by Geography

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APAC is projected to contribute 46% of market growth by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is one of the fastest-growing markets for HEVs. However, the sales of PHEV and mild HEV will be sluggish in Japan as these models will follow the fuel cell HEV trend. In addition, HEV sales in APAC will be the most in China, which is expected to lead the global HEV market during the forecast period.

This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for APAC. The lifting of lockdown restrictions, reopening of manufacturing units, and the resumption of business activities chartered a recovery path for the regional market in focus at the end of 2021. During the forecast period, numerous developing countries in APAC, such as India, Indonesia, and Bangladesh, will attract more HEV manufacturers and strengthen the charging infrastructures. However, the higher cost of HEVs compared to internal combustion engine-based vehicles will continue to be a growth inhibitor for the regional HEV market during the forecast period.

You may be interested in the regional reports:

US HEVs market - The market share will grow at a CAGR of 14.55% over the period 2014-2019.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by propulsion, vehicle type, and region.

  • Propulsion Outlook ( Thousand Units, 2017 - 2027)
    • Full HEVs
    • Mild HEVs
    • PHEVs
  • Vehicle Type Outlook ( Thousand Units, 2017 - 2027)
    • Passenger cars
    • Commercial vehicles
  • Region Outlook ( Thousand Units, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Hybrid Electric Vehicle Market Scope

Report Coverage

Details

Page number

172

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 30.88%

Market growth 2023-2027

17098.51 thousand units

Market structure

Fragmented

YoY growth (%)

29.21

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 46%

Key countries

US, China, Germany, France, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

AB Volvo, Bayerische Motoren Werke AG, BYD Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., General Motors Co, Honda Motor Co. Ltd, Hyundai Motor Co, Li Auto Inc., Mercedes Benz Group AG, Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Renault SAS, SAIC Motor Corp. Ltd., Stellantis NV, Suzuki Motor Corp., Tata Sons Pvt. Ltd., Toyota Motor Corp., Volkswagen AG, and Zhejiang Geely Holding Group

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.

Customization purview

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What are the Key Data Covered in this Hybrid Electric Vehicle Market Report?

  • CAGR of the market during the forecast period.
  • Detailed information on factors that will drive the growth of the market between 2023 and 2027
  • Precise estimation of the size of the hybrid electric vehicle market size and its contribution to the market in focus on the parent market.
  • Accurate predictions about upcoming trends and changes in consumer behavior.
  • Growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa.
  • Thorough analysis of the market’s competitive landscape and detailed information about vendors.
  • Comprehensive analysis of factors that will challenge the growth of hybrid electric vehicle market vendors.

 

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Propulsion
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Vehicle Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global hybrid electric vehicle market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global hybrid electric vehicle market 2017 - 2021 (thousand units)
    • 4.2 Propulsion Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Propulsion Segment 2017 - 2021 (thousand units)
    • 4.3 Vehicle type Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Vehicle type Segment 2017 - 2021 (thousand units)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (thousand units)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (thousand units)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Propulsion

    • 6.1 Market segments
      • Exhibit 30: Chart on Propulsion - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Propulsion - Market share 2022-2027 (%)
    • 6.2 Comparison by Propulsion
      • Exhibit 32: Chart on Comparison by Propulsion
      • Exhibit 33: Data Table on Comparison by Propulsion
    • 6.3 Full HEVs - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Full HEVs - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 35: Data Table on Full HEVs - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 36: Chart on Full HEVs - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Full HEVs - Year-over-year growth 2022-2027 (%)
    • 6.4 Mild HEVs - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Mild HEVs - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 39: Data Table on Mild HEVs - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 40: Chart on Mild HEVs - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Mild HEVs - Year-over-year growth 2022-2027 (%)
    • 6.5 PHEVs - Market size and forecast 2022-2027
      • Exhibit 42: Chart on PHEVs - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 43: Data Table on PHEVs - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 44: Chart on PHEVs - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on PHEVs - Year-over-year growth 2022-2027 (%)
    • 6.6 Market opportunity by Propulsion
      • Exhibit 46: Market opportunity by Propulsion (thousand units)

    7 Market Segmentation by Vehicle Type

    • 7.1 Market segments
      • Exhibit 47: Chart on Vehicle Type - Market share 2022-2027 (%)
      • Exhibit 48: Data Table on Vehicle Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Vehicle Type
      • Exhibit 49: Chart on Comparison by Vehicle Type
      • Exhibit 50: Data Table on Comparison by Vehicle Type
    • 7.3 Passenger cars - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Passenger cars - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 52: Data Table on Passenger cars - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 53: Chart on Passenger cars - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Passenger cars - Year-over-year growth 2022-2027 (%)
    • 7.4 Commercial vehicles - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Commercial vehicles - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 56: Data Table on Commercial vehicles - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 57: Chart on Commercial vehicles - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Commercial vehicles - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Vehicle Type
      • Exhibit 59: Market opportunity by Vehicle Type (thousand units)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 61: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 62: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 63: Chart on Geographic comparison
      • Exhibit 64: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 73: Chart on North America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 South America - Market size and forecast 2022-2027
      • Exhibit 77: Chart on South America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 85: Chart on China - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 86: Data Table on China - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 US - Market size and forecast 2022-2027
      • Exhibit 89: Chart on US - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 90: Data Table on US - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.10 Germany - Market size and forecast 2022-2027
      • Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.11 France - Market size and forecast 2022-2027
      • Exhibit 97: Chart on France - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 98: Data Table on France - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 99: Chart on France - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on France - Year-over-year growth 2022-2027 (%)
    • 9.12 UK - Market size and forecast 2022-2027
      • Exhibit 101: Chart on UK - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 (thousand units)
      • Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 105: Market opportunity by geography (thousand units)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 106: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 107: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 108: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 109: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 110: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 111: Matrix on vendor position and classification
            • 12.3 Bayerische Motoren Werke AG
              • Exhibit 112: Bayerische Motoren Werke AG - Overview
              • Exhibit 113: Bayerische Motoren Werke AG - Business segments
              • Exhibit 114: Bayerische Motoren Werke AG - Key news
              • Exhibit 115: Bayerische Motoren Werke AG - Key offerings
              • Exhibit 116: Bayerische Motoren Werke AG - Segment focus
            • 12.4 BYD Co. Ltd.
              • Exhibit 117: BYD Co. Ltd. - Overview
              • Exhibit 118: BYD Co. Ltd. - Business segments
              • Exhibit 119: BYD Co. Ltd. - Key news
              • Exhibit 120: BYD Co. Ltd. - Key offerings
              • Exhibit 121: BYD Co. Ltd. - Segment focus
            • 12.5 Chongqing Changan Automobile Co. Ltd.
              • Exhibit 122: Chongqing Changan Automobile Co. Ltd. - Overview
              • Exhibit 123: Chongqing Changan Automobile Co. Ltd. - Product / Service
              • Exhibit 124: Chongqing Changan Automobile Co. Ltd. - Key news
              • Exhibit 125: Chongqing Changan Automobile Co. Ltd. - Key offerings
            • 12.6 Ford Motor Co.
              • Exhibit 126: Ford Motor Co. - Overview
              • Exhibit 127: Ford Motor Co. - Business segments
              • Exhibit 128: Ford Motor Co. - Key news
              • Exhibit 129: Ford Motor Co. - Key offerings
              • Exhibit 130: Ford Motor Co. - Segment focus
            • 12.7 General Motors Co
              • Exhibit 131: General Motors Co - Overview
              • Exhibit 132: General Motors Co - Business segments
              • Exhibit 133: General Motors Co - Key news
              • Exhibit 134: General Motors Co - Key offerings
              • Exhibit 135: General Motors Co - Segment focus
            • 12.8 Honda Motor Co. Ltd
              • Exhibit 136: Honda Motor Co. Ltd - Overview
              • Exhibit 137: Honda Motor Co. Ltd - Business segments
              • Exhibit 138: Honda Motor Co. Ltd - Key news
              • Exhibit 139: Honda Motor Co. Ltd - Key offerings
              • Exhibit 140: Honda Motor Co. Ltd - Segment focus
            • 12.9 Hyundai Motor Co
              • Exhibit 141: Hyundai Motor Co - Overview
              • Exhibit 142: Hyundai Motor Co - Business segments
              • Exhibit 143: Hyundai Motor Co - Key news
              • Exhibit 144: Hyundai Motor Co - Key offerings
              • Exhibit 145: Hyundai Motor Co - Segment focus
            • 12.10 Mercedes Benz Group AG
              • Exhibit 146: Mercedes Benz Group AG - Overview
              • Exhibit 147: Mercedes Benz Group AG - Business segments
              • Exhibit 148: Mercedes Benz Group AG - Key offerings
              • Exhibit 149: Mercedes Benz Group AG - Segment focus
            • 12.11 Mitsubishi Motors Corp.
              • Exhibit 150: Mitsubishi Motors Corp. - Overview
              • Exhibit 151: Mitsubishi Motors Corp. - Business segments
              • Exhibit 152: Mitsubishi Motors Corp. - Key offerings
              • Exhibit 153: Mitsubishi Motors Corp. - Segment focus
            • 12.12 Nissan Motor Co. Ltd.
              • Exhibit 154: Nissan Motor Co. Ltd. - Overview
              • Exhibit 155: Nissan Motor Co. Ltd. - Business segments
              • Exhibit 156: Nissan Motor Co. Ltd. - Key news
              • Exhibit 157: Nissan Motor Co. Ltd. - Key offerings
              • Exhibit 158: Nissan Motor Co. Ltd. - Segment focus
            • 12.13 Renault SAS
              • Exhibit 159: Renault SAS - Overview
              • Exhibit 160: Renault SAS - Product / Service
              • Exhibit 161: Renault SAS - Key news
              • Exhibit 162: Renault SAS - Key offerings
            • 12.14 SAIC Motor Corp. Ltd.
              • Exhibit 163: SAIC Motor Corp. Ltd. - Overview
              • Exhibit 164: SAIC Motor Corp. Ltd. - Business segments
              • Exhibit 165: SAIC Motor Corp. Ltd. - Key news
              • Exhibit 166: SAIC Motor Corp. Ltd. - Key offerings
              • Exhibit 167: SAIC Motor Corp. Ltd. - Segment focus
            • 12.15 Toyota Motor Corp.
              • Exhibit 168: Toyota Motor Corp. - Overview
              • Exhibit 169: Toyota Motor Corp. - Business segments
              • Exhibit 170: Toyota Motor Corp. - Key news
              • Exhibit 171: Toyota Motor Corp. - Key offerings
              • Exhibit 172: Toyota Motor Corp. - Segment focus
            • 12.16 Volkswagen AG
              • Exhibit 173: Volkswagen AG - Overview
              • Exhibit 174: Volkswagen AG - Business segments
              • Exhibit 175: Volkswagen AG - Key offerings
              • Exhibit 176: Volkswagen AG - Segment focus
            • 12.17 Zhejiang Geely Holding Group
              • Exhibit 177: Zhejiang Geely Holding Group - Overview
              • Exhibit 178: Zhejiang Geely Holding Group - Product / Service
              • Exhibit 179: Zhejiang Geely Holding Group - Key news
              • Exhibit 180: Zhejiang Geely Holding Group - Key offerings

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 181: Inclusions checklist
                • Exhibit 182: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 183: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 184: Research methodology
                • Exhibit 185: Validation techniques employed for market sizing
                • Exhibit 186: Information sources
              • 13.5 List of abbreviations
                • Exhibit 187: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Hybrid Electric Vehicle market growth will increase by $11347.27 thousand units during 2020-2025.
              The hybrid electric vehicle market is expected to grow at a CAGR of 32.83% during 2020-2025.
              Technavio has segmented the hybrid electric vehicle market by other1 (Full HEVs, Mild HEVs, and PHEVs) and geographic (APAC, Europe, North America, South America, and MEA).
              BMW AG, Daimler AG, Ford Motor Co., Geely Automobile Holdings Ltd., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Toyota Motor Corp. are a few of the key vendors in the hybrid electric vehicle market.
              APAC will register the highest growth rate of 44.27% among the other regions. Therefore, the hybrid electric vehicle market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the hybrid electric vehicle market growth are:
              • Stringent regulations on emissions and fuel efficiency
              The hybrid electric vehicle market vendors should focus on grabbing business opportunities from the full hevs segment as it accounted for the largest market share in the base year.
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